London Insures The World

For hundreds of years London has been the most important, creative and diverse insurance market in the world

The proven ability to underwrite complex risks means that companies and individuals worldwide turn to London for protection of assets ranging from space stations to musicians’ hands. The London market is large enough to cover the biggest risks – it is the largest global hub for commercial and specialty risk controlling more than US$91 billion of gross written premium in 2015, bigger than Bermuda, Zurich and Singapore combined (Source: London Market Group).

Its global reach means the market can deliver solutions for risks in almost every territory around the world and it is firmly established as the largest insurance centre for commercial and specialty insurance.

This covers insurance for property including hurricanes, flood and earthquakes, casualty, accident and health, contingency, surety, motor, shipping and other marine, oil rigs and other energy, satellites and other space and aviation from all over the world including US and Canada, other Americas, UK and Ireland, Europe, Asia, Australasia and Africa.

The London insurance market has a first-class track record for paying claims, established over many years and has paid out millions for major disasters, ranging from the San Francisco Earthquake in 1908 to last year’s deadly trio of Atlantic hurricanes, Harvey, Irma and Maria.

It is a highly innovative market, for instance developing new policies for cyber insurance, uses of artificial intelligence, driverless cars, crewless ships and drones.

35,000 people work in insurance in the City of London for over 350 insurers, brokers and supporting professional services firms.

26% of the City’s GDP is contributed by the insurance industry.

At its heart is Lloyd’s of London, a globally recognised hub of insurance excellence. It was established in a coffee shop by Edward Lloyd in 1688 and its business flows into its unique insurance market every day from more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4000 local coverholders (Source: Lloyd’s).